Intensifying global competition has created a mashup of headwinds and tailwinds for commercial real estate firms. For real estate tech startups, this trend has led to a spike in investment capital from venture capital providers.

Bob Courteau, CEO of Altus Group—a Toronto-based consulting firm serving the global commercial real estate industry—estimated that just four years ago, venture capital investment in the commercial real estate tech sector was around $450 million. This year, that figure is expected to reach $3 billion. Meanwhile, a generational shift is also occurring, with more institutional market players hiring the next class of tech-savvy real estate professionals.

The industry’s digital transformation has been going on for some time now, but in recent years, it’s picked up speed. In an exclusive podcast interview, Courteau discusses the forces fueling innovation within commercial real estate—including an increased awareness by global companies to generate value through data and analytics.

“As you operate a global business, you’re looking to create value from your investments in a much more complex world,” Courteau elaborated. “The shift going on in our industry is real and … quite impressive.”